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You have just been hired as a new management trainee by Earrings Unlimited, a distributor of earrings to various retail outlets located in shopping malls across the country. In the past, the company has done very little in the way of budgeting and at certain times of the year has experienced a shortage of cash. Since you are well trained in budgeting, you have decded to prepare compreheve budgets for the upcoming second quarter in order to show management the benefits that can be galned from an integrated budgeting program. To this end, you have worked wlth accounting and other areas to gather the Infomation assembled below. The compary sells many styles of earrings, but all are sold for the same price $17 per pair. Actual sales of earrings for the last three months and budgeted sales for the next six months follow in pairs of earrings): January (actual) Febnuary (actual) March (actual) April (buct) May buket) 22,600 June budget) 2B,6D July bngety 42,600August (udget) 67,600 Seplember (bigcl) 102,600 2 G00 2 6600 30 600 27,600 The concentration of sales before and during May is due to Mother's Day. Sufficient inventory should be on hand at the end of each month to supply 40% of the earrings sold in the following month. Suppliers are paid $5.3 for a pair of earrings. One-half of a month's purchases is paid for in the month of purchase; the other half is paid for in the folowing month. All sales are on credit, with no discount, and payable within 15 days. The company has found however, that only 20% of a month's sales are colected in the month of sale. An additional 70% is oollected in the following month, and the emaining 10% is collected in the second month following sale. Bad dests have been negligible. Monthly operating expenses for the company are given below Vanable 4% of sales Fixed viverlisin Rent Salaries Utiities Insurance Deprecistion 330,000 S 31,000 S 132,000 S 13,500 $ 4,300 $ 21 D Insurance Is pald on an annual basls, In November of each year The company plans to purchase $22,500 in new equipment during May and S53,000 in new equipment during June; both purchases will be for cash. The company declares dividends of 524,750 each quarter, payable in the first month of the following quarter. A listing of the company's ledger accounts as of March 31 is given below